Use the following selected account balances of Delray Manufacturing for the year ended December 31. 

Sales $ 1,650,000 Raw materials inventory, beginning 70,000 

Work in process inventory, beginning 91,000 

Finished goods inventory, beginning 118,000 

Raw materials purchases 322,000 

Direct labor 386,000 

Indirect labor 58,000 

Repairs—Factory equipment 46,000 

Rent cost of factory building 92,000 

Selling expenses 147,000 

General and administrative expenses 235,000 

Raw materials inventory, ending 84,000 

Work in process inventory, ending 109,000 

Finished goods inventory, ending 142,000 

Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $872,000.

Answer rating: 100% (QA)

Raw materials Placed In Production Raw materials inventory beginn... View the full answer